Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can I please get someones help with this had someone work it but it wasn't correct. need top and bottom parts. Problem 11-8A On January
Can I please get someones help with this had someone work it but it wasn't correct. need top and bottom parts.
Problem 11-8A On January 1, 2012, Cornell Corporation had these stockholders' equity accounts Common Stock ($10 par value, 74,100 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $741,000 509,500 675,100 During the year, the following transactions occurred Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15 Feb. 15 Paid the dividend declared in January Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. May 15 Issued the shares for the stock dividend Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2013 Dec. 31 Determined that net income for the year was $410,400 (a) Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Debit Credit Account Titles and Explanation Retained Earnings Dividends Payable Jan. 15 Feb. 15 Dividends Payable Cash Retained Earnings Common Stock Paid-in Capital in Excess Apr. 15 May 15 Common Stock Dividends Common Stock Retained Earnings Dividends Payable Dec. 1 Dec. 31 Income Summary Retained Earnings To close net income) Dec. 1 vStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started